Homeowners insurance, sometimes called home insurance, is your financial safety net against unexpected damage like fire or theft. Understanding its ins and outs is crucial for safeguarding your home, whether you’re a first-time or experienced homeowner. 

How Homeowners Insurance Works

 
Homeowners insurance is a contract purchased from an insurance provider that offers financial assistance to cover repair or construction costs should your home sustain damage. While coverage included in homeowners insurance can differ from policy to policy, it may provide financial protection for damages that impact the following:  

• The structure of your home
• The belongings stored inside the home
• The use of the home (i.e., temporary living expenses if your home is damaged and you can’t live there while it’s being repaired)  

Homeowners insurance may also provide liability coverage if someone gets injured on your property. Typically, you choose the amount of coverage you want and pay a monthly or yearly premium for the policy. 

Does Home Insurance Cover Roof Replacement?

  
Home insurance can sometimes cover sudden damage caused by wind, hail, falling trees or branches, and other disasters listed in your policy. In general, however, homeowners insurance does not cover normal wear and tear or gradual damage over time. For instance, if your 20-year-old roof wears out and leaks, you’d likely need to pay for a full replacement roof out of pocket or buy a separate roof coverage endorsement for an extra premium. Some insurers offer optional coverage specifically for roof replacement, so be sure to check your specific policy. 

How Much Does Home Insurance Cost?

 
The cost of homeowners insurance can vary, and the exact premium you’ll pay depends on factors like the value and location of your home, amount of coverage, deductibles and the likelihood of different risks in your area. You’ll typically pay more for increasing your coverage, having a higher home valuation, having a lower deductible, or living in an area with a high risk for disasters like hurricanes or wildfires. It varies, but you may save on home insurance by raising your deductible, bundling your policy with car insurance, getting discounts by installing safety features (e.g., alarm systems) and comparing quotes. 

Learn More

Our agents at Grimes Insurance Group LLC are happy to go over costs and options for your homeowner’s insurance needs. We write insurance in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee and Virginia. 

Contact us today at 919-847-7534 to request a quote on a policy.